ZEN Petroleum Holdings PLC has officially listed 640,000,000 ordinary shares on the Ghana Stock Exchange (GSE), with trading under the ticker symbol ZEN commencing today, Wednesday, 22 April 2026, marking the successful close of what ranks among the most significant capital raises by an indigenous downstream petroleum company in the exchange’s history.
The listing follows regulatory approval and confirmation by both the Securities and Exchange Commission (SEC) and the GSE. All successful applicants had their allotted shares credited to their respective Central Securities Depository (CSD) accounts as of 8 April 2026. The company has encouraged shareholders to verify their holdings directly through the CSD.
The capital raising exercise, conducted through a bookbuilding process, targeted GH¢640 million through the offer of 128 million ordinary shares at GH¢5.00 per share, representing 20 percent of the company’s enlarged share capital. The offer, which ran from 25 to 31 March 2026, was fully subscribed before it closed, with firm commitments from institutional investors including Bora Capital Advisors Pension Funds, Temple Impact VC Fund, and Stanbic Investment Management Services.
Approximately 96 percent of the proceeds are earmarked as working capital for ZEN’s operating subsidiaries, with the remainder covering offer-related costs.
ZEN Petroleum Holdings PLC, incorporated in December 2025, serves as the holding company for five subsidiaries operating across the downstream petroleum value chain. The company currently runs 63 retail stations nationwide, distributes more than 30 million litres of petroleum products monthly, and is the leading fuel supplier to Ghana’s mining industry. Revenue grew from GH¢5.11 billion in 2023 to GH¢6.34 billion in 2025, with projections from PricewaterhouseCoopers indicating further expansion to GH¢8.41 billion in 2026.
The transaction was led by Temple Investments Limited as Lead Arranger and SBG Securities Ghana Limited as Sponsoring Broker.
ZEN’s debut adds a significant indigenous energy company to the GSE at a time of renewed activity on the exchange, following First Atlantic Bank’s listing in December 2025, which ended a seven-year drought in new equity listings.